2012 budget: N1.440trn spent so far, say Okonjo-Iweala

The Federal Government has spent N1.440 trillion on recurrent and capital expenditures in the last six months just as it has set up a committee made up of bankers and fuel importers to manage subsidy. These facts were disclosed, yesterday, by Finance Minister, Dr. Ngozi Okonjo-Iweala. Okonjo-Iweala, while addressing newsmen in Abuja, said a committee made up of bankers and petroleum product importers had been set up to ensure accountability in the management of fuel subsidy funds, noting that payment would commence at the end of the investigation. 

 She said: “We need to verify 2011 arrears to make sure the arrears were paid to the people that imported fuel. It is to make sure that payments are made correctly. Of the N888 billion appropriated for subsidy in 2012, N451 billion of that were arrears for 2011. It was at this point that I directed that we slow down payment to make sure that payments are genuine.

 “Once we verify that the payments are genuine, we move ahead. But if we verify that the payments are not genuine, we would ask for our money back from the importers. N17 billion has been release against 2012 fuel delivery, but we are taking care until the report of our investigation is in our hands. “This exercise was not designed to stop marketers. Things are going on at the moment, but we want to make sure that we are not stampeded into making payment, we are taking things serious, but it would not cause any hiccups.

 There are many ships on the high sea and we will have the investigation concluded by next week.” According to her, government has so far spent N1.036 trillion on recurrent expenditure while N404 billion has been released for capital expenditure. But she lamented that only N94.1 billion of the N404 billion released for capital project had been utilised by government ministries, departments and agencies despite being cash backed to the tune of N239.8 billion.

 The amount spent represents a mere 39 per cent of the capital releases for first and second quarters of 2012. FG generates N1.29trn The minister also said the Federal Government generated N1.29 trillion as revenue within the period. She said: “N304 billion was released for first quarter of 2012 and it was cashed backed with N239.8 billion. Only 39 per cent of it has been spent or N94.1 billion, meaning that we have 61 per cent still available for spending.

 “We have also released N100 billion for the second quarter of 2012. We have released N404.1 billion until today so that the agencies can have money to spend on capital projects. We will work hard to release the third quarter within a month.” Why slow implementation of capital projects On the slow pace of implementation of capital projects, she said it was because the 2011 budget was extended to March 2012. 

 She assured that government would soon begin yearly implementation of budgets between January and December, starting from 2013 to ensure proper implementation of budgets. According to her, “the performance on the capital projects was not surprising given that last year’s budget was extended to March. But we are doing away with that system. Budget 2013, God willing, will start in January and end in December.”

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Ex-World Bank managers back Africa’s pick for president

A group of former World Bank officials on Wednesday endorsed Africa’s candidate to lead the Bank, Nigerian Finance Minister Ngozi Okonjo-Iweala.

In an open letter, 39 former managers and economists called on the Bank’s executive board to make their decision on merit, when the board considers more than one candidate for the job for the first time.

“We believe that Mrs Okonjo-Iweala has outstanding qualifications across the full range of relevant criteria,” they said.

Okonjo-Iweala, a former World Bank managing director, and Jose Antonio Ocampo, a former finance minister of Colombia, are competing with the US nominee Jim Yong Kim, a public health expert and president of Dartmouth College.

Under a tacit agreement, the US picks the World Bank president, always an American, and Europe puts a European at the helm of the International Monetary Fund, the Bank’s sister institution.

The World Bank plans to select the successor to outgoing president Robert Zoellick by April 20, the start of its spring meetings with the IMF.

Writing in their personal capacity ahead of the candidate interviews next week, the ex-Bank officials said “we care too much for the institution and for its historic development mission not to speak up.”

The letter was signed by a number of Europeans, including Francois Bourguignon, who was the development lender’s chief economist in 2003-2007, as well as Barbara Kafka, an American who served over 33 years at the Bank in a range of posts.

Tunisia’s central bank chief, Mustapha Nabli, a former head of the Bank’s Middle East and North Africa region, also signed. His country has not endorsed a candidate.

Okonjo-Iweala “would bring the combination of her experience as finance and foreign minister of a large and complex African country with her wide experience of working at all levels of the Bank’s hierarchy in different parts of the world, from agricultural economist to managing director,” the letter read.

While the other two candidates also have strong qualifications, “she would be the outstanding World Bank president the times call for,” it added.

Ocampo, an economics professor at Columbia University in New York who has written extensively on growth and development issues, is being endorsed by a global cross-section of economists.

An Internet petition supporting his candidacy, on economist Kevin Gallagher’s TripleCrisis blog, had more than a hundred signatures from academic economists, former central bank chiefs and the heads of international agencies.

In a Financial Times opinion article published online, Ocampo defended his candidacy, citing his “36 years in development.”

Ocampo outlined his vision for “a brave new World Bank,” which he said could fight poverty “not only with economic growth and job creation, but also by addressing inequalities that have risen in most countries in recent decades, and by eradicating all forms of gender inequality.”

The favored US candidate for the post, Kim, is supported by Canada, Japan and South Korea, where he was born.

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Okonjo-Iweala, World Bank, Nigeria and implications of a minister’s exit

The ongoing move to secure the World Bank presidency for Dr Ngozi Okonjo-Iweala is another glowing attainment of Nigeria on the international stage. What is worrying many within the administration, however, is that her exit might harm and derail the Goodluck Jonathan Presidency with respect to the current deep-rooted reforms of the nation‘s economy.

The Coordinating Minister of the Economy, as a reputed technocrat, is, within the administration, loved and hated by several interests. Her image is worrisome to many feeding fat from the status quo ante.Her firmness generates stepping on toes and her prying into many shady sectors of the economy is said to be discomforting to establishment actors. The minister‘s constant moves to tame parasites within the economy constantly meet brick walls with only presidential backing as her saving grace.

In the cut-throat world of power politics, the technocrat is caught in the web of interplay among desperately acquisitive forces. By constantly freezing shady accounts and vetting many agencies’ accounts through world-renowned audit firms, the coordinating minister is also said to incur expressed and suppressed anger and revulsion of many influential forces. Across the public service, ‘the madam’ is almost enemy number one for her insistence on due process, cost-saving programmes and continuous rigorous slashing of recurrent expenditure of government.

Since her appointment, the woman, believed to be the most plotted against minister, remains the headgear technocrat. From within and outside, many loathed her for many reasons. To the civil society groups, she is an agent of Western financial institutions mandated to subjugate Nigeria‘s economy to Western world. From the fuel subsidy saga to several high profile controversial government policies, Dr. Okonjo-Iweala remains most of the time the sacrificial lamb. Even for policy areas not under her purview, she is the fall guy.

To many within the National Assembly, she is to be blamed for non-implementation of budget as passed. She is the minister with so many frequent invitations to the National Assembly, leading hours of questioning and arguments. Even when her actions are backed up with relevant approvals, only few honorable and distinguished senators admitted her seriousness in confronting the many national economic malaise facing the nation. Her belt tightening proposal is a challenge to those who needs slush fund to oil the national political machine.

To some of her colleagues in the Federal Executive Council, her nomenclature as the coordinating minister for the economy is a source of constant headache, jeolousy and intrigues. Being the first minister in Nigerian history to be so conferred with the task of coordinating her colleagues and vetting their project proposals, the job has not been smooth-sailing for the woman who is now a veteran of public sector intrigues in Nigeria. Grumblings and deliberate sabotage at times featured with presidential voice and superior economic logic being her defence.

Hence within the executive ministerial caucus, she is not fully loved or hated. Within the public bureaucracy, she is classed as a restrictive low spender. For the National Assembly, Dr Iweala is possibly a stumbling block in fund withholding and all other tough cash flowing restriction practices .To the civil society, the minister is a symbol of Bretton woods institutions armed with such programmes as public sector downsizing, subsidy rationalization, wage freeze, among others. To the contracting community, the drive for sanitization of the procurement system is worrisome as over bloated contract and other sharp practices may soon be blocked.

But for President Goodluck Jonathan, the madam is a pillar of national economic reforms, hence her conferment with unprecedented presidential support. In hard tough areas, presidential approvals assisted in dismantling entrenched cabals. Such approvals gave births to the auditing of the public pension system long before the scandal became a public knowledge. Others include deep cut in budgets of many ministries and the hard push to reduce deficit financing, port reforms and very excellent coordination with likeminded technocrats within the government.

So far, recurrent expenditure, deficit financing, debt management, public procurement reforms, subsidy management and many others are been addressed in a manner many observers concede are in line with international best practices. The advances are however coming at a cost, a factor which many observers felt may have motivated ongoing drive for her to move back to the World Bank.

Confronted with so many opposition on a job so central to the economic revival of the nation, Iweala‘s personal progress is now set against national interest. While the administration has thrown its weight behind her, there are reservations in many quarters as to what will happen if she finally quits. Breaking off the helmsman at this critical point, many felt may disrupt the pace of economic reforms. Some even hold the extreme view that those who want the president to fail are behind the push to ease out Iweala.

Okonjo-Iweala‘s exit may mean the abolition of the position of coordinating minister which has reduced the political elasticity in the management of the public purse. There may be a return to the old semi-rule of the thumb and a gradual relaxation of the shutdown of leakages in the system. Diverted by 2015 politics, Mr President may fall prey to economic predators that may advance succession politics for a rethinking of fiscal restraints among others.Managment of economy may relapse to politics as a guiding rule rather than the increasing dominance of sound economic principle in public finance.

Okonjo-Iweala‘s exit is thus seen among puritan observers as a likely positive advancement for her but a grave setback for the nation. The World Bank presidency has all what it takes in material and political rewards for the holder of the office. Never will she again be subjected to attacks from interest group if she secures that office. Her life will no longer be a subject of debates and attacks from rivals in power game. Interestingly she probably felt Nigerians do not appreciate her, considering the very many opposition to her.

If truly the administration wants her to go, many political pundits here in Abuja regard such turn of event as a signal that the battle for 2015 has commenced. The removal of a fiscal brake in an otherwise corrupt and loose economy is sure invitation to political contractors that the game is on.

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Africa backs Okonjo-Iweala for World Bank Presidency

South Africa has called a news conference for today to announce an African candidate for the World Bank presidency, widely expected to be Nigerian Finance Minister Ngozi Okonjo-Iweala, sources familiar with the discussions said, yesterday.

South Africa chairs one of the three African seats on the 25-member World Bank board, and Okonjo-Iweala’s candidacy was being proposed after consultations between South African President Jacob Zuma and Nigerian President Goodluck Jonathan, the sources said.

A statement from South Africa’s Treasury said the Finance Ministers of Angola, Nigeria and South Africa would hold a news conference in Pretoria today, although it did not disclose details of the agenda.

Okonjo-Iweala and former Colombian Finance Minister Jose Antonio Ocampo are set to make the first concerted challenge to the US grip on the top job at the World Bank, according to a source.

Brazil said this week that both Okonjo-Iweala and Ocampo would be “great” candidates to replace Robert Zoellick as head of the Washington-based development institution, the latest sign of emerging nations wanting more say on how it is run.

Washington has held the presidency since the bank’s founding after World War II, while a European has always led its sister organisation, the International Monetary Fund.

Despite the push by emerging nations, the United States has the bank’s largest voting share and is expected to win the support of most developed nations, making it likely that another American will succeed Zoellick.

All of the World Bank’s 187 member nations have committed to a transparent, merit-based process to select Zoellick’s successor, a step adopted last year to give emerging economies a greater say in who heads the poverty-fighting institution.

Emerging and developing economies have long expressed a desire to break US and European dominance of the two Bretton Woods institutions, but until now had failed to build a coalition large enough to mount a credible challenge.

According to reports, the decision to nominate Okonjo-Iweala and Ocampo followed weeks of consultations among representatives from BRICS nations — Brazil, Russia, India, China and South Africa— and other developing countries at the World Bank board level aimed at finding credible nominees.

Carlos Cozendey, Secretary of Foreign Affairs at Brazil’s Finance Ministry, said both Ocampo and Okonjo-Iweala were ‘great’ candidates and their candidacies signalled increased coordination among developing countries.

“We continue to believe that the president should be chosen based on merit, and it is very positive to have an open competition process,” Cozendey said.

Nominations will be submitted to the 25-member World Bank board, which is expected to make a decision within the next month.

However, sources said China is also considered putting forward a candidate, while the United States has focussed its search on convincing a woman to enter the race.

Susan Rice, the US ambassador to the United Nations, is a leading contender, though it is not clear she wants the job, sources said.

Lawrence Summers, a former economic adviser to President Barack Obama, has also been short-listed, in addition to US Senator, John Kerry and PepsiCo’s Indian-born chief executive, Indra Nooyi,

However, reports have it that Kerry has publicly ruled out the job, while sources say Nooyi is no longer in contention.

“The impressive credentials of both Ocampo and Okonjo-Iweala puts tremendous pressure on the White House to come up with a candidate of at least equivalent standing.

This is the first time in history we have a truly contested election.” said Domenico Lombardi, a former World Bank board official now at the Brookings Institution in Washington.

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Okonjo-Iweala Confirms Large-Scale Fraud in Pension Fund

Finance Minister, Mrs. Ngozi Okonjo-Iweala while appearing before the Senate’s Joint Committee on Public Service and Establishment yesterday, confirmed allegations of corruption in the management of pension funds. This corruption has caused unnecessary hardship for pensioners in Nigeria.

The minister explained that although the Pension Task Team was inaugurated before her appointment, she quickly ordered the freezing of the accounts the moment she learnt of allegations of sharp practices in the disbursement of pension money. She said her priority was to stop any fraud immediately.

“To understand what was really going on with police pensions, I asked KPMG, an independent and respected consulting firm, to investigate. Their findings confirm that many wrong things were done and are still being done in the management of the funds. I assure you all that we will take action after studying the recommendations." She said

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OKONJO-IWEALA SUES POINTBLANK NEWS FOR N10 BILLION

Following the publication of a patently false story against her by POINTBLANK NEWS, an online news medium, the Coordinating Minister for the Economy and Minister of Finance, Dr Ngozi Okonjo-Iweala has sued the medium for N10 billion.

The minister is claiming the amount against POINTBLANK NEWS COMMUNICATIONS INC. and its directors – Jackson Ude and Churchill Umoren – as general damages for libel and the same amount as exemplary and aggravated damages for libel.

The suit is with regard to a news story titled “Okonjo-Iweala buys N1.2 billion Abuja mansion!”published on January 10, 2012 which, among other false claims, alleged that the Minister purchased the “mansion” from Chief Fabian Nworah, owner of EFAB Properties Ltd in November 2011.

In response to a rebuttal issued by the minister’s office, POINTBLANK NEWS responded that it had “overwhelming evidence to prove that she owns the mansion but if she insists we are wrong she knows where to seek redress”.

Chief Nworah issued a statement in which he denied that he or his company sold the alleged property – No 3 Nworah Street, Off Gana Street, Maitama, Abuja – or any other property to Dr Okonjo-Iweala. He added for emphasis that the property described in the story was in fact still available for purchase at the time the story was published.

In the statement signed by Chief Nworah: “It is a fact that we have properties for sale but nonehas been sold as at today – January 11, 2012. We are still looking for buyers and we want to say categorically that we did not sell any of the houses to Dr Ngozi Okonjo-Iweala.”

In confirmation that its intent was malicious rather than professional, POINTBLANK NEWS refused to retract its story and in fact continued to prominently display the egregious falsehood on its website, in defiance of all standards of professionalism and decency.

Paul C Nwabuikwu

Senior Special Assistant to the Coordinating Minister for the Economy/Minister of Finance

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Ngozi Okonjo-Iweala, nominee for World Bank President

Nigeria’s finance minister, Ngozi Okonjo-Iweala is among the candidates being proposed to take over the presidency of the World Bank, with the incumbent Robert Zoellick, having served notice that he would step down in June.

Ngozi was a former managing director of the bank until late last year when he resigned to become Nigeria’s finance minister, for the second time in less than a decade. She is the favorite of Nancy Birdsall, head of the Center for Global Development, who stressed that the selection process “needs to be competitive” and truly open to any candidate.

Birdsall has also proposed Nandan Nilekania, the Indian co-founder of INFOSYS.

It is crucial that “whoever ends up in the job has the legitimacy that a person that is truly competent would ensure,” she said in a phone interview with the AFP.

It is not clear yet whether Ngozi would dump Nigeria for the World bank job.

But the race is much hotter with Americans with renowned economist Jeffrey Sachs, who led the UN committee on the Millennium development goals, throwing his hat in the ring Friday in a Washington Post op-ed piece, saying the World Bank needs an expert like himself rather than another politician or Wall Street banker.

Sachs’s declaration came amid signs the United States is eyeing others for the high-profile job.

“The United States signaled that it was looking at the possibility of nominating (Treasury Secretary Timothy) Geithner, (one of his predecessors Larry) Summers, or someone from the private sector like (Pimco chief executive) Mohamed El-Erian,” said a person close to the World Bank, who spoke on condition of anonymity.

Those three have remained mum on their interest in heading the global development lender.

Secretary of State Hillary Clinton also has been widely mentioned in the media as a possibilty. Geithner’s deputy for international affairs, Lael Brainard, has drawn some attention as well.

With the deadline for nominations three weeks away, the competition “is beginning to pick up speed,” the source said.

One thing seems certain, though: despite a chorus of calls from emerging markets and NGOs for a non-American to lead the development lender, in the name of the “new normal” global economy, the United States, as the biggest stakeholder, is expected to decide the winner.

The World Bank has promised the selection process will be “merit-based and transparent” and open to candidates from its 187 member nations.

But in an unwritten pact since the creation of the World Bank and the International Monetary Fund nearly seven decades ago, the US has always put an American at the helm of the Bank and Europe has ensconced a European as IMF managing director.

But the clamor for an alternative has grown louder.

After Zoellick announced two weeks ago he was stepping down on June 30 at the end of his five-year term, China and Brazil called for a fair, competitive selection process

Neither has put forth an alternative candidate, at least not yet.

Bangladesh prime minister, Sheikh Hasina, has suggested Muhammad Yunus, who won a Nobel Prize for his work in microfinance.

On Friday Yunus flatly ruled out taking the job, but the person close to the World Bank suggested that Yunus may still emerge as a candidate.

“But right now it isn’t the intention of the Indian director on the board to propose him.”

An Indian director holds the board seat shared by India and Bangladesh.

The source said Brazil would probably nominate someone, with some speculation focusing on former president Luis Inacio Lula da Silva.

Washington is maintaining a vault-like silence on its preferred candidate.

Traditionally it has been a high-powered diplomat — like Zoellick — or someone from the financial sector.

Clinton would be a popular choice, many say, and she has said she wants to retire as the country’s top diplomat by January, the end of President Barack Obama’s first term.

But she has also repeatedly insisted she does not want the post.

Geithner, too, has said he wants out of Washington by January, though not as strongly as Clinton.

Because of a controversy when he was World Bank chief economist in the 1990s, “Summers would be perceived as an affront for the Africans,” the source said.

Pimco’s El-Erian, the head of the world’s biggest bond fund, might solve a problem of “internationalizing” the job: he has both French and Egyptian roots, while also maintaining US citizenship.

El-Erian, who worked for several years at the IMF, could appeal to the emerging countries, the source said, “but it still is necessary to convince him to accept” the new job.

Sachs, who directs the Earth Institute at Columbia University and is a special adviser to UN Secretary General Ban Ki-moon, made an argument for a more qualitative change.

“Unlike previous World Bank presidents, I don’t come from Wall Street or US politics. I am a practitioner of economic development, a scholar and a writer. My track record is to side with the poor and hungry, not with a corporate balance sheet or a government,” he said in the Washington Post.

“Finding the graceful way forward, forging the networks that can create global change, should be the bank’s greatest role,” Sachs said. “I’ll stand on my record of helping to create those networks.”

The deadline for nominations is March 23. The World Bank has set a goal of picking the new president by the World Bank-IMF meetings on April 20-22.

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Ngozi Okonjo-Iweala condoles families that lost loved ones in the fuel hike protests

the finance ministercondole the family of the protest victem,aAnd then she talks about why the subsidy removal is necessary. Anyone who is in a government where the president gets N1 billion for food for just one year, gets no respect from me...continue reading...

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Okonjo-Iweala Blames Govs For Subsidy Removal

The Minister of Finance, Dr. Ngozi Okonjo Iweala, has denied being the mastermind of the oil subsidy removal that has plunged the country into serious crisis for two days.

In a chat with the BBC World News early today, Dr. Ngozie Okonjo-Iweala, said that it was the state governors that demanded the removal of fuel subsidy, to increase their incomes, adding that the demand predates her appointment to office as minister of finance.

About two days ago, the minister had said that neither she nor the president, Goodluck Jonathan ever set an April date for the removal of fuel subsidy.

She accused those she referred to as mischief makers as the brain behind it. Her spirited denial follows the severe bashing she has received over the insincerity in announcing the policy on 1 January after she had earlier told Nigerians that the policy would take off in April.

The minister has come under severe criticism over the policy which is very unpopular to the Nigerian people though the Federal Government has maintained it is the only way forward if the nation’s economy is not to collapse.

She has been accused of attempting to introduce IMF and World Bank economic policies that have failed in other countries in Nigeria.

These policies some said are delibrate moves to make Nigerians perpetually poor so as to continue to be market for the west.

The announcement of the fuel subsidy removal has led to a general strike called by labour unions and civil society groups which has entered its second day.

In the first day of the strike, the country was brought to its knees as economic activities were completely paralysed nationwide. The airports and other government and private economic institutions were shut.

The people are angry over government’s insincerity and insensitivity in commencing such a harsh policy on a New Year day when people were supposed to be celebrating.

They also accused the government of not considering the effect of the policy on the poor masses of the country before embarking on it.

The people are also angry that the Federal Government that has not been courageous enough to punish a cartel that brought the country to this economic crisis is so quick to implement a policy that is capable of making the majority of Nigerians poorer.

On Sunday, the House of Representatives held an emergency sitting after which it asked the Federal Government to suspend the policy and embark on wider cosultations.

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We didn’t promise April date to remove subsidy – Okonjo-Iweala

There was never a time the president said the withdrawal of oil subsidy would be in April as published in some media. I did not say so either.

The April date was the handiwork of some mischief makers.”

With these words, Finance Minister, Dr Ngozi Okonjo-Iweala, dismissed the claim that the Federal Government reneged on the promise to remove the subsidy on petrol in April 2012 as against January 1 when it did.

Okonjo-Iweala, who is also the Coordinating Minister on the Economy, added: “It was never to my knowledge that the president gave such a date (April 2012). There is no particular time one could say was best suited for the withdrawal.

It is the prerogative of the president. The important thing is that we cannot carry on the way we did in the past. It would be plunging our future into crisis.”

The minister spoke yesterday on a Radio Nigeria current affairs programme.

In her opening remarks, she said the petrol subsidy removal was to safeguard the future of Nigeria and her children. According to her, if Nigeria did not take the measures, the country would be forced to experience such hardship “that would frustrate the future of our children and we will be like some countries like Greece which kept on borrowing until they got to the crisis situation that they have found themselves”.

Okonjo-Iweala said that if Nigeria continued to borrow to run government, then crisis was imminent and the best thing was to begin to arrest the situation.

The minister asked Nigerians to understand that withdrawal of oil subsidy was just one aspect of deregulation of the industry.

Two or three callers centered their questions on the misdeeds of the past and how it will be difficult to believe that there would be genuine changes this time. The minister assured that the Jonathan government would be transparent. She spoke on other aspects of the nation’s

economy.

ON JOBS

This exercise (fuel subsidy removal) will help in creating about 370,000 jobs and this will help the problem of unemployment.

ON INFRASTRUCTURE

Increase in fuel prices is not the only cause of increase in transportation costs. Bad roads are part of the problem because vehicles get easily damaged on bad roads and the costs are forced down on commuters. This withdrawal will help government source more money

to put our roads in better shape and therefore reduce transport fares.

The railways will also benefit and this will further reduce costs. The trains are generally cheaper means of transportation and something will be done in this respect.

ON HEALTH

Nigeria is one of the worst cases in maternal health care. Nigerian women record deaths in maternal cases more than many other countries and this sector will benefit from the money that will accrue from this withdrawal.

ON MISTRUST

I understand the pains Nigerians are going through. I personally do and so do other colleagues of mine. We plead for patience. The impact of this will begin to show

soon. We intend to start publishing the amount we are saving from this withdrawal of oil subsidy monthly and also where we are directing them. Nigerians will be participants in this process. In few months prices will begin to come down depending on market forces.

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“I will resign from this cabinet if the removal of fuel subsidy is reversed”

Mrs Ngozi Okonjo Iweala the honourable minister of Finance who also doubles as the co-ordinating minister of the Economic Council has on wednesday during the first FEC meeting in 2012 threatens to quit the cabinet if perhaps president Jonathan should bows to pressure and reversed the removal of fuel subsidy.”

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